Inflation drops to 10.9%, as Zambia posts K1.1 billion trade surplus

Zambia’s annual inflation rate slowed to 10.9 percent in November 2025, down from 11.9 percent recorded in October, as the country posted a K1.1 billion trade surplus for October, up from K0.4 billion in September.

According to the Zambia Statistics Agency (ZamStats), the decline means that, on average, prices of goods and services increased by 10.9 percent between November 2024 and November 2025, driven mainly by movements in non-food items.

Speaking during the monthly bulletin dissemination in Lusaka on Thursday, Acting General Statistician Sheila Mudendasaid annual food inflation for November 2025 stood at 13.9 percent, compared to 14.1 percent in October.

“This means that, on average, prices of food items increased by 13.9 percent between November 2024 and November 2025,” Mudenda said.

Read more: inflation-dips-to-11-9-in-october-as-trade-surplus-declines-to-k0-4-billion

She attributed the outturn to price changes in cereals, fruits, and vegetables.

Non-food inflation slowed significantly, falling to 6.6 percent in November from 8.7 percent in October, largely due to lower fuel-related price movements.

Mudenda said Lusaka Province contributed the highest share to overall inflation at 3.7 percentage points, followed by the Copperbelt at 2.1 percentage points.

“Central and Southern Provinces contributed 1.2 and 0.9 percentage points, respectively, while Luapula Province had the lowest contribution of 0.4 percentage points,” she said.

On trade performance, Mudenda said the country recorded a K1.1 billion surplus in October, driven by stronger export volumes.

Exports of domestically produced goods rose by 7.9 percent, from K28.5 billion in September to K30.8 billion in October. This was supported by increases in earnings from intermediate goods (18.6%), consumer goods (16.9%), and capital goods (102.8%).

Imports grew by 5.4 percent, rising from K28.1 billion in September to K29.6 billion in October, mainly due to higher import bills for intermediate goods (5.1%) and consumer goods (15.9%).

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